New NASBP Resource Kit Helps Explain Bonds to Clients Who Spend Taxpayer Dollars on Behalf of the Public

The NASBP Commercial Surety Committee recently developed the NASBP Resource Kit to help surety professionals explain the necessity of bonding to clients and potential obligees who spend taxpayer dollars on behalf of the public for goods or services. Educating municipal, city and state employees and elected officials about the purpose and protections these commercial surety bonds offer can be challenging.

That is why earlier in October the Commercial Surety Committee made freely available to the industry the NASBP Resource Kit – How to Build a Bond with Public Entities. The Commercial Surety Committee developed the NASBP Resource Kit to assist surety professionals in helping their public clients and potential obligees make careful, wise decisions about bonding projects where taxpayer money is involved.

The leading developers and contributors were:

• Lynne Cook, Early, Cassidy & Schilling, Inc.
• Corban Enns, Surety Solutions, LLC
• Helen Lally, Navigators Management Company, Inc.
• Ann Latham, NASBP
• Kathleen Mitchell, Wells Fargo Insurance Services
• Steven Swartz, South Coast Surety

The time- and money-saving, five-piece NASBP Resource Kit includes:

1. a one-page flier, titled “Surety Safeguards 3rd Party Vendor Contracts,” listing how and why surety bonds safeguard third-party vendor contracts and protect taxpayer dollars;
2. a white paper, titled “Surety Bonding for Public Entity Outsourcing,” that describes in depth the benefits of outsourcing as a tool to contain costs, improve services and streamline the management of public infrastructure;
3. a full-color brochure, titled “The Surety Safeguard for Third Party Vendor Contracts: How Surety Bonds Protect Taxpayer Dollars,” that gives the reasons for, and the function of, bonding and represents an invaluable and attractive piece to distribute at meetings held with these kinds of clients and public officials;
4. a PowerPoint presentation, titled, “How To Build a Bond with Public Entities: Protection for Third Party Vendor Contracts,” that can be customized to specific audiences and includes detailed notes of nearly 20 slides to assure the presenter gives a comprehensive explanation; and
5. bond language samples that include an example of a performance bond and suggested bond provisions for insertion into contracts.

Click here to view and download the NASBP Resource Kit. For more information, contact Cathrine Nelson at (202) 686-3700 or cnelson@nasbp.org.